Nigeria’s external reserves have risen to $53.11 billion, reaching their highest level in more than 17 years, according to the latest data from the Central Bank of Nigeria (CBN).

The reserves increased by about $3.15 billion between June 3 and August 24, 2026, rising from $49.96 billion to $53.112 billion.

The latest figure brings Nigeria close to the reserve levels recorded in 2009, when the country last approached its current position.

Reserves Near 2009 Record

At $53.11 billion, Nigeria’s current reserve position is only about $142 million below the $53.25 billion recorded on January 12, 2009.

The steady accumulation gathered momentum during July and August.

CBN data showed that reserves rose from $51.53 billion on July 3 to about $52 billion on July 27. The figure subsequently increased to $52.86 billion on August 21, before crossing the $53 billion threshold.

Oil Earnings Boost Dollar Inflows

The rise in reserves has been linked by experts to stronger foreign-exchange inflows, including earnings from crude oil exports.

Oil remains one of Nigeria’s major sources of foreign exchange, meaning higher crude prices and improved oil production can strengthen the country’s dollar earnings.

However, analysts have cautioned that maintaining the reserve buildup will depend on the continued inflow of foreign exchange into the economy.

Naira Records Relative Stability

The increase in external reserves has also coincided with relative stability in Nigeria’s foreign exchange market.

According to CBN data cited in the report, the naira closed at N1,343.59 to the US dollar on August 26, while foreign-exchange market turnover stood at approximately $235.99 million, with 213 deals recorded.

A stronger reserve position provides the country with a larger external buffer and can improve confidence in the foreign-exchange market.

Reserves Surpass 2026 Projection

The latest reserve figure is also above the CBN’s projected reserve level of approximately $51.04 billion for the full year.

The increase represents a significant improvement from the beginning of 2026. Earlier data showed that reserves had risen by about $7.09 billion since the start of the year.

The higher reserves could strengthen Nigeria’s ability to meet external obligations and respond to periods of increased demand for foreign currency.

Sustainability Remains Key

Despite the positive development, maintaining the reserve buildup will remain important.

Analysts have pointed to the need for Nigeria to diversify its sources of foreign exchange through stronger oil production, increased non-oil exports, foreign investment, remittances and improved FX liquidity.

A sustained increase in reserves could provide additional support for macroeconomic stability and strengthen confidence in the naira.

For now, Nigeria’s crossing of the $53 billion reserve mark represents one of the strongest external-position improvements the country has recorded in more than a decade.

Unidentified gunmen have killed Ishaq Yunusa, the Chairman of the All Progressives Congress (APC) in Dekina Local Government Area of Kogi State.

The incident occurred along the Itobe–Ochadamu Expressway, in Ofu Local Government Area of the state, throwing residents and motorists along the route into fear.

The Kogi State Police Public Relations Officer, ASP Saliu Afusat, confirmed the incident and said the command had launched an investigation into the attack.

Gunmen Attack Motorists

According to the police, the incident happened at about 5:00 p.m. on Thursday around Ojuwo Olijo, when armed assailants emerged from the surrounding bush and opened fire indiscriminately at motorists.

Following the attack, a blue Toyota Corolla was found abandoned along the highway.

The driver, identified as Ishaq Yunusa, was found dead inside the vehicle.

Another Occupant Abducted

The police said another occupant of the vehicle was taken into the surrounding bush by the attackers.

Security operatives have since launched a search operation in the area in an effort to rescue the abducted victim and apprehend those responsible for the attack.

The police said operatives were combing the surrounding forest as part of efforts to track down the assailants.

Body Taken for Autopsy

The body of Yunusa has been evacuated to Grimard Hospital in Anyigba, where an autopsy is expected to be conducted.

The development has further raised concerns over security along the highway, particularly for motorists travelling through the area.

Police Intensify Security Operations

The Commissioner of Police in Kogi State, Naziru Kankarofi, has ordered sustained security operations along the affected corridor.

The police commissioner also directed security operatives to intensify efforts to apprehend the attackers and bring them to justice.

The command urged motorists and residents living along the route to remain vigilant and promptly report suspicious movements or activities to security agencies.

The police said investigations into the circumstances surrounding the killing and the abduction are ongoing.

President Bola Ahmed Tinubu has directed the Economic and Financial Crimes Commission (EFCC) to channel funds recovered from financial crimes into Nigeria’s student loan scheme.

The directive is part of the Federal Government’s efforts to strengthen financing for students and expand access to higher education across the country.

The President gave the directive during a meeting with senior officials involved in the administration of the student loan programme, according to a report by THISDAY.

Recovered Funds to Support Students

Under the directive, funds recovered by the EFCC through its financial-crime investigations are expected to be transferred into the student loan scheme.

The move is intended to provide additional resources for the financing of eligible Nigerian students who require financial assistance to pursue tertiary education.

The student loan programme was introduced by the Federal Government as part of efforts to reduce financial barriers to higher education.

Tinubu Pushes Wider Access to Education

The President has repeatedly identified education and human capital development as important components of his administration’s agenda.

The student loan scheme is designed to enable students to access funding for tuition and other approved educational expenses, with repayment structured after beneficiaries complete their studies and begin earning income.

By directing recovered proceeds into the programme, the administration hopes to create an additional funding stream without relying solely on annual budgetary allocations.

EFCC’s Role in the Programme

The EFCC is responsible for investigating and recovering proceeds linked to economic and financial crimes.

The President’s directive effectively links some of those recovered resources to a social investment programme focused on education.

The move could also strengthen public confidence in the recovery of illicit funds by demonstrating how recovered assets can be redirected towards programmes that directly benefit citizens.

Student Loan Scheme Remains Government Priority

The Federal Government has continued to expand the student loan programme as part of its broader education reforms.

The initiative is expected to support students from financially disadvantaged backgrounds and reduce the number of young Nigerians unable to pursue tertiary education because of financial constraints.

Tinubu’s latest directive signals an intention to use recovered public resources to support the sustainability of the programme.

The administration is expected to provide further details on the amount to be transferred, the implementation process and how the recovered funds will be deployed to beneficiaries.